If you haven't been paying attention to the Wall Street tickers lately, the Dow Jones Industrial Average and S&P 500 Index are on fire, hitting all-time highs on a number of occasions in recent days.
But not all sticks are seeing the same upward momentum of the major indices. In fact, among the more stagnant stocks is Apple.
At just under $520 per share, AAPL remains close to $200 below its fall 2012 highs. But, according to a new report from Forbes, AAPL will likely return to these lofty levels next year.
Why? The report cites ten good reasons, one of which is as follows:
Apple is cheap relative to its historical valuation. Apple’s average 10 year P/E ratio is 17.5 times earnings. At 17.5 times earnings this would put the stock around $700 a share.
To check out the Forbes report in its entirety, click here.